Casablanca May Be Acquired: City of Industry-based...

Casablanca May Be Acquired: City of Industry-based Casablanca Industries Inc. and Diana Corp. jointly announced that they have signed a letter of intent with Casablanca Acquisition Corp., a company formed by J. D. Schnitzer, and authorized negotiations toward a possible business combination relating to the acquisition of all of the outstanding stock of Casablanca Industries Inc., at a price of $11.125 a share. Diana Corp. is the owner of about 50% of the outstanding shares of common stock of Casablanca Industries Inc.